What are the Historical Developments and Current Growth Metrics of the Luxury Resale Market?
The luxury resale market has seen considerable growth due to a variety of factors.
• The luxury resale market has grown rapidly in recent years. It is expected to increase from $34.79 billion in 2024 to $38.32 billion in 2025, growing at a CAGR of 10.1%.
This growth is driven by the growing awareness of online luxury resale platforms, increasing demand for pre-owned luxury items, sustainability concerns, rising acceptance of second-hand goods, and the influence of millennials and Gen Z fashion trends.
What is the Forecasted Market Size and CAGR for the Luxury Resale Market?
The luxury resale market is expected to maintain its strong growth trajectory in upcoming years.
• The luxury resale market is expected to grow to $55.88 billion by 2029 at a CAGR of 9.9%.
The market is driven by increased consumer interest in sustainable fashion, the growth of online resale platforms, rising disposable incomes, and greater access to rare items. Trends include AI and technology integration in retail, advancements in authentication, digital innovation, and improved online platforms.
What Key Factors and Trends Are Driving The Growth Luxury Resale Market?
The expansion of the e-commerce industry is expected to drive the growth of the luxury resale market. E-commerce growth is driven by widespread internet access and the convenience of online shopping. E-commerce is transforming the luxury resale market by improving access to items, transparency in pricing, and authentication. For example, the U.S. Census Bureau reported that U.S. retail e-commerce sales in the first quarter of 2024 reached $289.2 billion, marking a 2.1% increase from the previous quarter. The expansion of e-commerce is expected to fuel the luxury resale market.
What Are The Market Segments In The Luxury Resale Market?
The luxury resale market covered in this report is segmented –
1) By Type: Apparel And Accessories, Watches, Fine Jewelry, Leather Goods, Others
2) By Demographic: Men, Women, Unisex
3) By Distribution: Online Platforms, Brick-and-Mortar Stores, Consignment Stores
Subsegments:
1) By Apparel And Accessories: Men's Clothing, Women's Clothing, Shoes, Handbags, Scarves And Ties, Belts
2) By Watches: Luxury Watches, Pre-Owned Watches, Limited Edition Watches, Vintage Watches
3) By Fine Jewelry: Rings, Necklaces And Pendants, Bracelets, Earrings, Brooches
4) By Leather Goods: Handbags, Wallets, Luggage, Belts, Small Leather Goods (Cardholders, Keychains)
5) By Others: Art And Collectibles, Luxury Furniture, Vintage Home Décor, Luxury Cars, Designer Tech
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What Emerging Trends Are Influencing The Growth Of The Luxury Resale Market?
Major businesses in the luxury resale sector are creating mobile applications that utilize artificial intelligence (AI) and expert opinion to improve the user experience and ensure the excellence and authenticity of the high-end items traded on their platforms. AI algorithms are employed to validate luxury goods using an in-depth analysis of images and comparisons with verified authentic pieces. This authentication process establishes the products' authenticity sold on the platform, thus boosting trust and credibility among customers. For instance, Sellier Knightsbridge, a UK-based resale platform for luxurious goods, rolled out the Sellier Selected app in March 2024. The platform strives to be the leading marketplace for exclusive pre-loved luxury bags and accessories, merging AI technology with sophisticated human curation to deliver an exceptionally curated assortment. The platform simplifies the process where patrons submit their goods for evaluation, and subsequently, AI technology examines varied parameters such as price, condition, color, brand, and current market trade values, which ultimately assigns a desirability score to the item.
Who Are the Key Players In The Luxury Resale Market?
Major companies operating in the luxury resale market are:
• Coupang Inc.
• YOOX Net-a-Porter Group S.p.A.
• The RealReal Inc.
• Poshmark Inc.
• ThredUp Inc.
• StockX LLC
• The Row
• 1stdibs.Com Inc.
• Vestiaire Collective
• Depop Limited
• Rebag
• Fashionphile Group LLC
• Luxepolis Retail Services Pvt Ltd
• Grailed Inc.
• Luxury Closet Inc.
• Luxury Garage Sale LLC
• The Closet Inc.
• LePrix Inc.
• Collector Square
• Garderobe Pre Loved Luxury Fashion
• Timepiece 360 Ltd.
• Yoogi’s Closet Inc.
• Couture Designer Resale Boutique
• Luxury Promise Ltd
• Cudoni
What Are The Regional Insights Into The Luxury Resale Market?
Europe was the largest region in the luxury resale market in 2023. The regions covered in the luxury resale market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
